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2007 Tax Watch 1 (2007)

handle is hein.taxfoundation/taxwtch0004 and id is 1 raw text is: One of the best signs of a healthy econ- omy is rising home values. When times are good, renters aspire to become homeown- ers, and homeowners vie for bigger, newer homes that accommodate their prosperity. FOUNDATION M e s sage f ro m the President, Americans Benefit from Tax Relief Inflation and Capital Gains Taxes Gross Receipts Taxes Making a Comeback?o Making Taxes Simple;° Looking Ahead; From the Archives New Tax Foundation si,' Team Members; I1 Our Economists in the News Duing the economic boom of the 1990s, personal income growth outpaced prop- erty tax growth in nearly every year. But since the bursting of the stock market bubble in 2000 and the recession that followed, annual increases in property tax $1150 S1050 $950 $850 $750 $650 $550 In the wake of the recent housing boom, property taxes have sky- rocketed. According to a new Tax Foun- dation study, property taxes rose to record levels around the country in recent years. Property tax collections have groxvn faster than any other major tax source over the past five years, said Gerald Prante, an economist who studies property taxes at the Tax Foundation. bills have far exceeded peoples' income growth. While personal incomes have grown steadily in recent years, housing prices have exploded. The new ax Foundation study found that property taxes were highest in the Northeast, Texas, Illinois, and Wisconsin. New York and New Jersey dominate the list of high-tax counties. But along with rising home values comes a rise in the hidden cost of homeown- ership-state and local property taxes. Polls from the ax Foun- dation consistently show property taxes are among the most disliked state and local taxes. Last year, 39 percent of Americans said property taxes were the least fair state and local tax, compared to just 20 percent who said income taxes and 18 percent who named sales taxes. Homneowvners' Burden. , Property Tlaxes on:te tRise Across America